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Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its balance sheet account balances were as follows: 20 points Cash Accounts Receivable Supplies Equipment Land Building $ 6,300 Accounts Payable 25,900 Deferred Revenue (deposits) 1,290 Notes Payable 8,300 Contributed Capital 6,300 Retained Earnings 23,500 $ 8,300 3,290 42,400 8,300 9,300 eBook Print Required: 2 Prepare journal entries for the following January 2017 transactions, using the letter of each transaction as a reference: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) References a. Received a $530 deposit from a customer who wanted her piano rebuilt in February b. Rented a part of the building to a bicycle repair shop: $315 rent received for January c. Delivered five rebuilt pianos to customers who paid $15,100 in cash. d. Delivered two rebuilt pianos to customers for $7,300 charged on account. e. Received $6,300 from customers as payment on their accounts. f. Received a utility bill for $380 for January services to be paid in February g. Ordered $860 in supplies. h. Paid $1,790 to suppliers on account in January 1. Paid $11,500 in wages to employees in January for work done this month. 1. Received and paid cash for the supplies in o) 20 points 1. & 3. Post the journal entries to the T-accounts which are listed below. Show the unadjusted ending balances in the T-accounts. Print Use the balances in the completed T-accounts to prepare an unadjusted trial balance at the end of January 2017 References RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance At January 31, 2017 Accounts Titles Debit Credit Cash Accounts receivable Supplies Equipment Land Building Accounts payable Deferred revenue Notes payable Contributed capital Retained earnings Piano rebuilding revenue Rent revenue Wages expense Utilities expense Total
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